-88%

est. 2Y upside i

AI & MLSeries B

At Story, we aim to revolutionize how creativity is shared and managed on the internet. The internet has enabled innovative ways of creating and distributing creative works, from remix culture to AI-generated content. However, current intellectual property (IP) systems are outdated, limiting the potential for openness and collaboration.

Rank

#3677

Sector

AI Training Data, Blockchain, Web3

Est. Liquidity

~4Y

Data Quality

Data: Low

Given the extremely high entry multiple of 137x ARR, stale valuation, and significant competitive threats, the expected equity upside over 2 years is deeply negative (~-88%).

Last updated: July 21, 2026

Bull (10%)-50%

Exit multiple holds at 20x on $80.3M revenue ($1.6B exit). Common recovers to -50.2% after 20% dilution; unlikely due to incumbent threat and low traction.

Base (45%)-85%

Multiple compresses to public comp range 10x ($802.6M exit). After dilution, upside -85.1%; preference still clears but common suffers massive loss.

Bear (45%)-100%

Market forces multiple to 5x ($401.3M exit) or below. Preference stack consumes all proceeds; common stock worthless.

Est. time to liquidity~4.0 years

Preference Stack Risk

moderate

Funding Intensity

6%

Total funding $140M is 6.1% of current $2.3B valuation, so preference is moderate but could become severe if valuation declines.

Dilution Risk

high

With limited runway (rundown from Aug 2024 round) and likely further raises, dilution of 20% or more is expected within 24 months.

Secondary Liquidity

none

No secondary market data; valuation is based on a stale primary round.

Questions to Ask at the Interview

Strategic questions based on Story's data — designed to show you've done your homework.

  • 1

    “How does Story plan to achieve network effects and lock-in to justify its high valuation?”

  • 2

    “What is the unit economics for data transactions on the protocol?”

  • 3

    “Given the pivot and low user activity, what is the realistic timeline to liquidity and triggers for a secondary market?”

Community

Valuation Sentiment

Our model estimates -88% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.